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Wednesday, April 24, 2024

Biden’s $55 Billion For Africa’s Investment

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US President Joe Biden officially announced his support for the integration of the African Union into the G20 as a permanent member at the recent US-Africa Leaders’ Summit.

Biden pledged $55 billion to be devoted to Africa over three-year worth of public investment, private investment, aid, and trade deals across Africa. The package includes a $504 million infrastructure package aimed at connecting Benin’s port at Cotonou to Niamey, Niger Republic.

Leaders from forty-nine (49) African countries, including the Heads of the Africa Union Commission and the Regional Economic Communities, as well as more than 300 CEOs from the U.S and African private sector attended the Summit.

The Summit aimed at discussing ways to revitalize the US relations with the African continent and in this regard key areas addressed included among others new economic engagement; peace, security, and good governance; food security; and the climate crisis.

Dr. Omar Alieu Touray, the President of the ECOWAS Commission led an ECOWAS delegation to the from 12th to 15th December 2022, in Washington DC, USA.

Besides his participation in the official meetings of the Summit, the Ministerial Meeting on the African Growth and Opportunity Act (AGOA), the Peace, Security, and Governance Forum as well as the panels on the “RECs Support for Inclusive Economic Growth and Development and the “RECs Role in Peace and Security Initiatives”, as panellist, the President of the Commission held a bilateral meeting with the World Bank Regional Vice President for Western and Central Africa, Mr. Ousmane Diagana and his team.

The Bank current support to the ECOWAS Commission & Institutions amounts to $263 million for 13 projects.

The new Management of the Commission is committed to ensuring smooth implementation to yield great returns and open ways to additional funds/supports for the benefit of the West Africa region,” a statement release by ECOWAS said.

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